Dhaka  - Bangladesh's government on Monday announced further cuts in the prices of major fuel oils, reacting to recent drops in international oil prices.

The price cuts will range from between 3.75 to 5.13 per cent, depending on the product. Items affected include diesel, kerosene, octane and petrol. The new prices take effect at midnight Monday (1800 GMT).

The cut is a "temporary adjustment" to match the recent fall in international oil prices to below 40 dollars a barrel, said M Tamim, a junior energy minister.

He said that the prices are subject to change, depending on moves in international oil markets.

"The oil price in international market can go up any time," he said. But he added: "The fuel prices should be readjusted downward again in January-February if the current price continues."

In October, the interim government had reduced the fuel price by a maximum of 13 per cent after the crude oil price came down to 62 dollars a barrel from 141 dollars. The price stood at around 43 dollars Monday after it touched 33 dollars per barrel Friday.

Bangladesh, on average, imports around 300,000 tonnes of crude and refined oils every month. (dpa)